Economic collapse warning for South Africa:
[an extract from an article by: Kirsten Minnaar in BUSINESSTECH – 21 October 2024]
Eskom’s rising municipal debt could reach R200 billion within a few years, and if this issue isn’t resolved urgently, South Africa’s entire economy could collapse.
This was the warning given by Cosatu’s parliamentary coordinator Matthew Parks, speaking to Newsroom Afrika.
In 2023, the National Treasury introduced a debt incentive scheme that allows municipalities to have debt owed to Eskom written off if they adhere to monthly payment schedules.
However, only 14 municipalities out of 72 have met their debt obligations so far, making the scheme a failure.
The Original Full Article can be Viewed here: → https://businesstech.co.za/news/finance/796363/economic-collapse-warning-for-south-africa/